Urea prices rise 50% due to the war in Iran and hit Colombia, which depends on imports
The price of fertilizers, particularly urea, registers a strong increase in international markets as a consequence of the blockade in ...
TL;DR
- International urea prices have risen by about 50% due to the blockade in the Strait of Hormuz caused by the war in Iran.
- Colombia imports over 94% of its agricultural inputs, making it highly vulnerable to global price fluctuations.
- The price of a 50-kilogram bag of urea increased from approximately $120,000 to $130,000 in Medellín.
- The full impact on food prices is not immediate and depends on planting cycles, supply, and demand in the coming months.
- The UN's FAO has warned of potential drops in basic food crops if the blockade lasts over three months.
- The UN Secretary-General is leading efforts to establish safe logistical corridors for fertilizer flow.